Author Topic: Daily analysis of major pairs for November 15, 2016  (Read 235 times)

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Daily analysis of major pairs for November 15, 2016
« on: November 15, 2016, 12:24:20 AM »
The USD/CHF has continued its bullish journey, now above the support level at 0.9950. The great psychological level at 1.0000 has been tested, and it could be tested again. Lots of buying pressure would be needed for the psychological level to be breached to the upside; otherwise a pullback could be witnessed.

EUR/USD: The initial targets at 1.0800 and 1.0750 have been breached by this currency trading instrument. The next targets are located at the support lines of 1.0700 and 1.0650. On the other hand, there are chances that the EUR/USD would rally this week, especially when the USD/CHF pulls back significantly.

USD/CHF: The USD/CHF has continued its bullish journey, now above the support level at 0.9950. The great psychological level at 1.0000 has been tested, and it could be tested again. Lots of buying pressure would be needed for the psychological level to be breached to the upside; otherwise a pullback could be witnessed.

GBP/USD: This market was engaged in a shallow bearish correction on Monday, while the short-term bias remains bearish. A movement of about 250 pips to the downside would put the short-term bullish bias in jeopardy and strengthen the long-term bearish bias. What would happen today or tomorrow would determine the situation on the market.

USD/JPY: The USD/JPY has been trending upwards strongly. From the low of 101.19, which was reached last Wednesday, price has gone upwards by 730 pips, forming a strong Bullish Confirmation Pattern in the market. The supply level at 108.50 is almost breached to the upside, and it would soon be breached to the upside.

EUR/JPY: This currency cross managed to go further upwards on November 14, 2016. There is already a bullish signal in the market; plus price is above the demand zone at 116.00, going towards the supply zones at 116.50 and 117.00. Since the outlook on JPY pairs is bullish for this week, it is possible that price would end up staying above those supply zones.

Performed by Azeez Mustapha,
Analytical expert
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Daily analysis of major pairs for November 15, 2016
« on: November 15, 2016, 12:24:20 AM »

 

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